Strong sales in its aviation unit lifted General Electric's first-quarter results higher than the expectations of Wall Street, which rewarded the struggling conglomerate with a premarket jump in share price.
The Boston-based company, which swung to a profit from the year-earlier quarter, said Tuesday revenue from its aviation business rose 12 percent to $7.95 billion, topping expectations of $7.86 billion.
First-quarter net income was $3.59 billion and earnings per share (EPS) were 41 cents. Adjusted for one-time events, EPS was 14 cents, higher than the 9 cents per share analysts had anticipated.
Results indicate that GE is not burning through cash as quickly as it had been in recent three-month periods.
|GE||GENERAL ELECTRIC CO.||104.80||0.00||0.00%|
Revenue rose to $27.29, higher than the $28.66 billion Wall Street expected.
Aviation orders rose 7 percent, with equipment sales up 3 percent and services revenue jumping 10 percent. The business group's revenue was approximately $8 billion, a 12 percent increase.
Since the beginning of the year, GE shares have climbed 29 percent, better than the S&P 500's 17 percent gain.